The Government has today announced the four external members of the new Financial Policy Committee (FPC).
The FPC, which was first unveiled by Chancellor George Osborne last June, has been established to regulate financial services and markets.
The idea behind the FPC follows the Government’s criticism of the Financial Services Authority (FSA) for not doing enough to prevent or limit the crisis in the financial markets.
The four external members are former US Federal Reserve vice chairman, Donald Kohn, ex-Goldman Sachs and Deutsche Bank banker Michael Cohrs, former Bank monetary policymaker Richard Lambert and ex-Bank executive Alastair Clark.
The Committee also comprises Mervyn King, the Bank of England Governor, and Lord Turner and Hector Sants, chairman and chief executive of the Financial Services Authority respectively.
In a speech by the Financial Secretary to the Treasury, Mark Hoban MP, at the London Stock Exchange, said: “The FPC will is to meet at least four times a year and will publish a record of its deliberations and decisions after every meeting, providing important transparency and accountability.”